A Payment Based Directly on a Sale or Some Other

question 1

Multiple Choice

A payment based directly on a sale or some other activity is called a:

• A)commission.
• B)perk.
• C)spiff.
• D)trade allowance.

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Definitions:

Quantum Meruit

A legal principle where a party is compensated with a reasonable sum for goods or services provided, even if no contract exists.

Quantum Valebant

A principle in contract law that allows for the recovery of as much as deserved, or the reasonable value of goods or services rendered when no contract price was established.

Commission

A fee paid to an agent or employee for conducting a transaction or performing a service.

Promotional Costs

Expenses associated with marketing and advertising a business's products or services.